Strategy And Objective

Putnam Convertible Securities Fund seeks, with equal emphasis, current income and capital appreciation. Its secondary objective is conservation of capital. he following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is availablefrom your financial professional and in How do I buy fund shares? beginning on page 16 of the fund s prospectus, in the Appendix to the fund s prospectus, and in How to buy shares beginning on page II-1 of the fund s statement of additional information (SAI).The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund s turnover rate in the most recent fiscal year was 78%.